Allied Market Research states, “The global telematics market is expected to rise from USD 20.0 billion in 2015 to USD 49.12 billion in 2020. IoT technologies allow more rugged telematics systems than were previously possible.”
The Internet of Things (IoT) is leading the way in many enterprises in fusing connectivity with digital capabilities. Over 16 million GPS and wireless devices are used in the U.S. today to track assets in the field, including fleet cars, drivers, field service personnel, and laborers. This is double the eight million units used in 2015. The Internet of Things (IoT) is a network that can serve as the hub for connecting these different tracking devices and the daily data they provide. Continued 5G adoption will also increase the IoT’s advantages across many industries and support further automation.
Why is IoT technology more important than ever?
By 2025, experts estimate that the amount of IoT-generated data will be close to 80 zettabytes. As organizations seek to extract useful insights from the data already produced by their fleet management solution, insights that can assist in transforming operations and boost the bottom line will significantly influence fleet operations. In more detail, let’s examine the benefits of this integration and how IoT solutions interact with fleet management technology.
How does your fleet management solution integrate with the IoT?
Today, we recognize the commercial advantages of data collection and device and car connectivity. However, the IoT solutions add context to data, such as the location of mobile employees and vehicles and the type of work being done, to make it usable. Any tool or asset may now be easily connected to IoT devices at a cheap cost, enabling data to be collected, analyzed, and used in various businesses.
The collecting of this simplified data across whole fleets is made possible by IoT connectivity. A fleet management software may integrate IoT sensors to swiftly and effectively mine and categorize pertinent data. Real-time visibility into important variables, including fuel consumption, engine health, location, driving patterns, and maintenance history, is made possible by this.
Organizations can increase data analysis to aggregate patterns, identify areas of concern, streamline the connection between vehicle data and the company’s broader data network, and more by integrating connections into their fleet management software. Obtain a complete operational picture to make better decisions.
What are some IoT applications and advantages for fleet management?
Predictive analytics is easier to adopt for service providers and fleet operators when the IoT and fleet management technology are combined. This offers the background information required to accomplish proactive management and a competitive edge in several crucial operational areas.
Streamlined service calls:
IoT sensors installed in service-oriented products, such as air conditioners, can notify a service call only when one is necessary rather than at scheduled intervals. This condition-based monitoring enhances accuracy and customer service while reducing service expenses.
IoT sensors integrated into the vehicle allow fleet managers to receive diagnostic information on the health and operation of the vehicle promptly and accurately. If a vehicle needs routine preventative maintenance or has a mechanical problem, fleet managers can find out about it fast. Doing this may increase vehicle safety, decrease downtime, and eliminate expensive last-minute repairs.
Enhanced fuel efficiency:
One of a fleet’s largest expenses is gasoline. Fleet managers may see fuel costs and use in almost real-time by integrating IoT sensors into an existing telemetry package. They can use this to monitor unlawful operational costs and fuel-wasting driving habits, such as idling, and identify which employees need to receive driving instruction.
Better routing and tracking:
Being always aware of the whereabouts of the vehicle enhances productivity. Fleet managers may monitor vehicle delays, dispatch the next truck to an urgent delivery or servicing call, and direct drivers around traffic jams. IoT data contributes to the provision of a thorough understanding and nearly real-time visibility of fleet activity, which results in better planning, quick and safe routing,
Enhanced driving efficiency
Safety is the number one responsibility of all fleets. Fleet managers can address undesirable driving habits through driver coaching and safety education when they clearly see speeding, forceful braking, and aggressive driving.
To sum up
Don’t overlook telematics as an extremely powerful and profitable IoT application. Telematics as a field will expand as cars get closer to having more autonomy.
Car manufacturers should have faith in their investments in technology upgrades, and vehicle telematics providers should keep pushing the limits. The future base model vehicle and included technology will appear very different from the current base in only a few short years because of synergies between the two.
To learn how telematics and IoT may help your business, get in touch with a Teksun Inc consultant immediately.